TLDR
- Bitcoin hit a 3-month high of $81,765, reclaiming the $80,000 level
- U.S.-Iran ceasefire confirmed still holding, easing geopolitical pressure on risk assets
- Strategy reported a $14.5 billion operating loss in its latest earnings
- Analyst eyes $82,000 (200-day MA) and $83,000 (ETF cost-basis) as next key levels
- Whale wallets have accumulated 16,622 BTC in May while small wallets sold off
Bitcoin climbed to its highest price in over three months on Tuesday, reaching $81,765 before consolidating. The move came as investors responded positively to news that a U.S.-Iran ceasefire remained intact.
At 17:41 ET, BTC was up 1.4% at $81,392, trading above the 100-hour simple moving average. The $80,000 level had been reclaimed just a day earlier on Monday.
“We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed…” – President… pic.twitter.com/R9SlC4w68g
— The White House (@WhiteHouse) May 5, 2026
The trigger for the broader market rally was clarity from U.S. Secretary of War Pete Hegseth. He confirmed that “Project Freedom,” a U.S. military operation escorting ships through the Strait of Hormuz, was not a breach of the ceasefire with Iran.
“Project Freedom is defensive in nature, focused in scope, and temporary in duration,” Hegseth said. Iranian Foreign Minister Abbas Araghchi also added calming commentary, stating there is “no military solution to a political crisis.”
Geopolitical tension doesn’t directly affect crypto fundamentals, but it typically dampens appetite for risk assets. Tuesday’s de-escalation helped lift sentiment across markets.
Key Price Levels to Watch
Analyst Iliya Kalchev of Nexo Dispatch pointed to two levels that matter most right now. The 200-day moving average sits near $82,000, and ETF cost-basis references are around $83,000.
“The $80,000 reclaim is psychologically important, but those are the levels that would convert this move from a relief rally into something more structural,” Kalchev said.
On-chain data from Santiment showed a pattern that has historically preceded strong bull runs. Wallets holding between 10 and 10,000 BTC accumulated 16,622 BTC this month, while wallets holding less than 0.01 BTC sold off 28 BTC.
📈 Bitcoin’s market value has risen to a 3-month high of $81.7K. Here in May, the optimal bullish combo of key stakeholders accumulating, while retail dumps, is playing out. Thus far this month:
🐳🦈 10-10K Bitcoin Wallets Have ACCUMULATED 16,622 (+0.12%) $BTC
🐟🦐 Less Than… pic.twitter.com/FiP6usdOn5— Santiment Intelligence (@SantimentData) May 5, 2026
Analyst Ted Pillows highlighted the unfilled CME gap near $84,000 as a near-term target. He noted that if BTC holds above $80,600, that gap could be the next destination. A drop below $80,000, however, could push price back toward the $77,000–$78,000 range.
$BTC broke above $81,000 today.
The CME gap around the $84,000 level hasn't been filled yet.
If BTC holds above the $80,600 level, the CME gap could be filled next.
And if Bitcoin fails to hold above the $80,000 level, a correction towards the $77,000-$78,000 level could… pic.twitter.com/GYvI5JwNxI
— Ted (@TedPillows) May 5, 2026
Strategy’s Earnings in Focus
Corporate Bitcoin holder Strategy also reported earnings Tuesday. The company posted a $14.5 billion operating loss, widening from the prior year. The result was largely expected by analysts given Bitcoin’s price swings during the quarter.
Immediate resistance sits at $81,500, followed by $81,750. A break above that could open the door to $82,500 and then $83,200. Support holds at $80,150, with a deeper floor around $78,350.
Bitcoin’s high for this move was $81,765, set from a swing low of $74,940.
